World Bank Raises Forecast for Global Economic Growth in 2023 with Significant Increase for China, Emphasises Dangers of A High-Interest Rate Environment, But Lowers Forecast for 2024

Published: Jun 9, 2023 16:20

Source: SMM

Save

On Tuesday night CST, the World Bank released the latest semi-annual Global Economic Prospects. While raising the global economic forecast for 2023, it emphasised the harm and risks to developing economies caused by the Fed's interest rate hike and the European and US banking crisis.

Overall, the World Bank raised its global growth forecast for 2023 to 2.1% from 1.7% in January.

The economic growth rate of developed economies is revised up by 0.2% to 0.7%. The forecast for economic growth rate of the United States is raised by 0.6% to 1.1%, while the economic forecast of the eurozone is also raised from 0% to 0.4%.

The latest report also raised forecast for the Chinese economy significantly.

According to CCTV, the June Global Economic Outlook report raised China's 2023 economic growth forecast to 5.6%, compared with 4.3% in the January report and the forecast of 5.1% in Semi-annual East Asia and Pacific Regional Economic Report in April.

The latest report revised up the GDP growth forecast for emerging markets and developing economies by 0.6% to 4.0%.

In addition to China, the World Bank also revised up Russia's economic growth rate in 2023 by 3.1% to -0.2%.

Growth forecasts for countries such as South Africa, India, and Argentina have been revised down.

Regarding the outlook for economic growth, World Bank President Ajay Banga also emphasised: "We must remember that growth forecasts are predictions, not inevitable outcomes.

We have a chance to turn things around, but it will take everyone working together. "

The World Bank's latest report also revised down the global economic growth forecast for 2024 by 0.3% to 2.4%, mainly because the growth rate of developed economies was revised down by 0.4%.

More popular news:

SMM Daily Comments (Jun 2): All Metals Closed Higher with SHFE Nickel Leading Gains, Coke Surged

SMM Daily Comments (Jun 5): Base Metals Mostly Fell, Ferrous Metals Bucked the Trend to Surge, Oil Gained Further on Saudi Arabia Output Cuts in July

SMM Indonesia Nickel and Cobalt Industry Chain Conference: Global Nickel & Cobalt Supply and Demand Prospect, Impact from NEV Development

Glencore to Aggressively Expand Copper Capacity

World Bank Raises Forecast for Global Economic Growth in 2023 with Significant Increase for China, Emphasises Dangers of A High-Interest Rate Environment, But Lowers Forecast for 2024

Changan Automobile Denies Rumours of "Withholding Payment": NOT True and Has Reported to Public Security Authority

Commerzbank Lowers Price Forecast for Copper, Aluminium, Zinc and Nickel for 2023 and 2024

Rumours Say Glencore Will Raise Takeover Bid for Teck Resources, but Another Big Obstacle Lies Ahead

Commodity Price Bubble Finally Burst, but Metals Demand Will Surge

Market forecast Macro economy

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM's internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or for more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

21 hours ago

Precious Metals Remain Range-Bound as Macro Enters Key Validation Window [SMM Precious Metals Macro Analysis]

21 hours ago

22 hours ago

Amigo Resources Reports PGM Values of Up to 7.07 ppm in Tanzania Processing Testwork

[SMM Flash] Amigo Resources reported independent laboratory results from selected Tanzanian material showing combined PGM values of 6.94–7.07 ppm, alongside residual gold values of 3.27–3.47 ppm. The company said it is assessing the integration of proprietary PGM concentration technology into its processing flowsheets to target recovery from gravity tailings and other residual material. Amigo is also evaluating a pyrometallurgical copper-matte treatment route and has mobilised a small-scale furnace for further testwork. The programme could potentially establish PGMs as a recoverable by-product from Amigo's Tanzanian polymetallic material if subsequent metallurgical work demonstrates viable recoveries. However, the reported grades relate to selected test material and processing studies and do not constitute a compliant Mineral Resource, reserve or evidence of commercial-scale PGM production. Further metallurgical testing will therefore be important in determining whether the reported PGM content can translate into an economically recoverable product stream.

22 hours ago

Pan Global Reports Platinum-Palladium Mineralisation at Spain's Cármenes Project

[SMM Flash] Pan Global Resources has reported additional drilling results from its 100%-owned Cármenes Project in northern Spain, identifying platinum and palladium within a broader gold-copper-nickel-cobalt mineralised system. Hole PVD15 intersected 15 m grading 3.90 g/t gold, 0.04% copper, 0.11% nickel and 0.12% cobalt from surface, including an 8 m interval grading 0.50 g/t platinum and 0.28 g/t palladium. Within this interval, one metre returned 1.39 g/t platinum and 0.74 g/t palladium, equivalent to 2.13 g/t Pt+Pd. The mineralisation extends beyond the historical Providencia mine workings and remains open along strike and at depth, according to the company. The results provide further evidence of PGM mineralisation within the Cármenes polymetallic system and could potentially add platinum and palladium credits to the project's mineral inventory. However, the reported intersections are exploration results and do not represent a Mineral Resource, reserve or future production estimate.

22 hours ago